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Wise adds interest to USD balance in multicurrency account

Source: Wise

Wise, the global technology company building the best way to move money around the world, is now offering its US based business and personal customers the opportunity to opt-in to receiving 3.92% APY on their USD balances.

This new feature of the Wise Account will allow customers to earn interest on USD balances while keeping the flexibility to send, spend and receive money internationally with instant access to their funds.

Business and personal customers that hold USD will be able to utilize this feature while managing global business growth and operations or personal international financial needs. Plus, those who opt-in to receive interest are eligible for FDIC pass-through insurance up to $250,000 through Wise’s program bank JPMorgan Chase Bank, N.A.

How to receive 3.92% APY interest on USD balances

Wise’s interest feature isn’t a checking or savings account — there are no additional limits to the amount customers can hold in the account and no balance minimums or fees involved. Opting in is as easy as opening the Wise app or website, going to the user’s existing USD balance and adding on the interest feature. Customers are then free to continue to send, spend or hold money from there, all while earning interest on their USD balance.

Transparency is at the heart of this new feature

Wise stores customer funds with program banks, which generates interest. As rates have improved, Wise is continuing to honor its core value of transparency by providing an option for its US customers to benefit by earning interest on their USD balances.

“As a champion for transparency in finance, we believe that the interest our customers’ money is making should be passed back to them whenever possible and we’re excited to be able to do so now,” said Sharon Kean, director of global expansion at Wise. “The Wise account is the universal way to manage money internationally and was built to save our customers time and money. We’re now enhancing that offering with the launch of our new interest rate feature.”

All Wise US customers — new and existing — are now able to access the interest option in their accounts. Customers must verify their SSN/EIN in order to be eligible, and new customers can easily sign-up for Wise through the website or app and opt-in to the interest feature immediately.

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